UPDATE: Morgan Stanley Upgrades Halliburton

In a note published Wednesday morning, Morgan Stanley analyst Ole Slorer upgraded shares of Halliburton Company (NYSE: HAL) from Equal-weight to Overweight, but has lowered the price target from $63 to $60.

Slorer commented, "We see an attractive entry point for a best-in-class company that is defensive on a relative basis and in deep value territory on an absolute basis."

In Slorer's view, Halliburton is positioned to benefit from improving spending economics in the United States and should receive a greater uplift than peers from positive catalysts in Mexico and Brazil.

Slorer made sure to point out the upgrade of Halliburton is not meant to imply a trough in crude prices, but rather that the company is better positioned to "weather the storm."

Despite the upgrade, shares of Halliburton were about 1.8 percent lower.